![\"support](\"https:\/\/shared.gighl.com\/Morning-Pictures-2020\/8-August-20\/10-08-2020\/aud-usd.PNG\")
<\/p>\nThe USD seems about to stabilise after Friday\u2019s gains against some of its counterparts, as the\u00a0US employment report<\/b>\u00a0was a tat bit better than expected. The Non-Farm Payrolls figure was better than expected yet was slashed below half in comparison to June\u2019s figure, while the unemployment rate dropped slightly more than expected for July. The overall results were encouraging yet at the same time remain worrisome, as the rebound of the US employment market seems to be stalling. It should be noted that the talks in the US Congress have hit a halt, regarding the new fiscal stimulus package, and the White House was forced to act as was expected and President Trump signed an executive order for an unemployment relief of $400 per week. We maintain the view that the negotiations in the US Congress are the main issue for the USD, yet also the US-Sino relationships could play a role.\u00a0AUD\/USD dropped somewhat<\/b>\u00a0on Friday breaking the 0.7200 (R1) support line, now turned to resistance. We maintain a bias for a sideways motion currently. The pair\u2019s direction could substantially be influenced by market sentiment though. Should a selling interest be displayed by the market, we could see the pair breaking the 0.7100 (S1) support line and aim for the 0.7025 (S2) level. Should the pair find buying orders along its path, we could see it breaking the 0.7200 (R1) line and aim for the 0.7300 (R2) resistance level.<\/p>\nCAD falls as the Canadians impose counter tariffs on US products<\/h3>\n
The Canadian dollar fell against its US counterpart<\/b>, as the US re-imposed tariffs of 10% on imports of aluminium from Canada, late Thursday. The Canadian side has announced that it will impose on their side also tariffs on US aluminium products the following day, at the level of US$2.7 billion. Analysts tend to note that the US tariffs may have been politically aimed, in line with US protectionism, which makes the situation even more difficult and tend to foresee a weakening of trade between the two sides, which may hurt the Canadian side more. The outlook of the Canadian economy seems to be darkening and at the same time\u00a0oil prices remain rather stable<\/b>, which is not exactly helpful for the Loonie. USD\/CAD rose during Friday, clearly breaking the 1.3320 (S1) resistance line now turned to support. We tend to maintain a bullish outlook for the pair as the consecutive higher peaks and troughs seem to be forming over the past two days. Should the bulls dominate USD\/CAD, we could see the pair breaking the 1.3425 (R1) resistance line and aim for the 1.3500 (R2) level. Should the bears take over, we could see USD\/CAD breaking the 1.3320 (S1) support line and aim for the 1.3200 (S2) level.<\/p>\nOther economic highlights today and early tomorrow<\/h3>\n
Today in the European session, we highlight Norway\u2019s CPI rates for July and Eurozone\u2019s Sentix index for August. During tomorrow\u2019s Asian session, we get New Zealand\u2019s electronic card retail sales for July and Japan\u2019s current account balance for June. Chicago Fed President Evans is speaking in the American session.<\/p>\n
On Tuesday, we get the UK employment data for June, Germany\u2019s ZEW indicators for August and the US PPI for final demand for August. On Wednesday, we get Australia\u2019s wage price index for Q2, from New Zealand RBNZ\u2019s interest rate decision, UK\u2019s GDP for Q2 and manufacturing output for June, Eurozone\u2019s industrial production growth rate for June and the US inflation measures for July. On Thursday, Japan\u2019s corporate goods prices for July, Australia\u2019s employment data for July Germany\u2019s final HICP rate for July and the US weekly initial jobless claims figure. On Friday, we get Japan\u2019s China\u2019s industrial output and retail sales growth rates for July, Eurozone\u2019s 2nd estimate for the GDP for Q2, and from the US the retail sales growth rate for July, the Industrial production for July and the University of Michigan preliminary Consumer Sentiment for August.<\/p>\n
AUD\/USD 4 Hour Chart<\/b><\/p>\n
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Support: 0.7100 (S1), 0.7025 (S2), 0.6925 (S3)
\nResistance: 0.7200 (R1), 0.7300 (R2), 0.7390 (R3)<\/b><\/p>\n
USD\/CAD 4 Hour Chart<\/b><\/p>\n
![\"support](\"https:\/\/shared.gighl.com\/Morning-Pictures-2020\/8-August-20\/10-08-2020\/usd-cad.PNG\")
<\/p>\n
Support: 1.3320 (S1), 1.3200 (S2), 1.3105 (S3)
\nResistance: 1.3425 (R1), 1.3500 (R2), 1.3585 (R3)<\/b><\/p>\n
![\"benchmark-10-08-2020\"](\"https:\/\/shared.gighl.com\/Morning-Pictures-2020\/8-August-20\/10-08-2020\/benchmark.png\")
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![\"table-10-08-2020\"](\"https:\/\/shared.gighl.com\/Morning-Pictures-2020\/8-August-20\/10-08-2020\/table.png\")
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![\"morning-releases-10-08-2020\"](\"https:\/\/shared.gighl.com\/Morning-Pictures-2020\/8-August-20\/10-08-2020\/morning-releases.png\")
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Disclaimer:<\/p>\n
This information is not considered as investment advice or an investment recommendation, but instead a marketing communication. IronFX is not responsible for any data or information provided by third parties referenced, or hyperlinked, in this communication.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"
The USD seems about to stabilise after Friday\u2019s gains against some of its counterparts, as the\u00a0US employment report\u00a0was a tat<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_daim_seo_power":"","_daim_enable_ail":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-15031","post","type-post","status-publish","format-standard","hentry","category-uncategorized","blog-category-financial-news","entry"],"acf":[],"yoast_head":"\n